Blog Post

With the increasing number of loan defaults, banks are under pressure from the Obama administration to provide alternatives to foreclosure. Short sales are proving an amicable alternative for both lenders and homeowners since they reduce the impact on the homeowner’s credit and the potential further loss of the property’s value for the bank. Banks have tripled the number of short sales from last year to 40,000 in the first 6 months of this year, according to Bloomberg News. Wells Fargo, Bank of America and Chase have increased their efforts by hiring more staff to specifically deal with the short sale process. With the banks’ increased effort, hopefully the number of home foreclosures will be reduced in 2010.

Read more about it on Bloomberg news.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_NoPFp0r8Y4

Posted 9th December 2009 by Sally Forster Jones